This feature allows users to define a foreign exchange rate at the time of purchase. Users must first have a starting exchange rate defined. The frequency at which you update exchange rates is up to you. Refer to the Foreign Exchange Rate Management guide for details on how to update the exchange rate for transactions and reporting purposes.
*If active in EdgeLink both the Issuer and Dealer would need to manage this exchange rate tracker.
Within the offering details there will be a new toggle option "Track Investor Purchase Currency". If set to ON, this offering will display a toggle on purchase creation that allows the selection of currency the investor paid for the purchase in.
Dealer/Issuer - Admin Transaction Creation
If an admin user selects an account that has a different currency than the one defined on the offering level, they may choose the purchase currency when choosing to create the transaction using the total dollar value. The system will automatically apply the currently defined exchange rate in the "Estimated Spot Rate" field.
Once the transaction is created, you can handle this transaction as you would any other transaction in your system.
If a different exchange rate has been defined since the purchase was created, the totals will update any time the transaction is reopened and saved, prior to setting a closed date. If a closed date is set, the exchange rate will be retained as of the close date. Removing the closed date will update the exchange rate to the current exchange rate.
Dealer - Advisor Transaction Creation
When an advisor is creating a transaction that has the Track Investor Purchase Currency toggle set to ON, advisors will only be able to enter transactions based on total investment value (not the number of units). Depending on the currency they choose the system will apply the exchange rate to the purchase amount they define.
EdgeLink Issuer reviewing and closing transactions
When sending the transaction VIA EdgeLink the issuer would see the exchange rate defined by the dealer. When the issuer accepts the transaction into their system, the transaction would retain the exchange rate defined by the dealer. If the issuer selects "Edit Transaction" and clicks "Save", the exchange rate will update to the current value displayed in the issuer's system. When the issuer closes the transaction, the exchange rate will be retained as of the close date.
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